MGTA01H3 Lecture : Chapter 1C Lecture

12) The economic system in which producers and consumers control production and allocation decisions through supply and demand is called: b) market economy planned economy communism socialism

25) Socialism is best described as: b) c) an economy that is free from any regulation or planning an economic system with elements of both a planned economy and a market economy a kind of command economy in which the government owns and operates all industries a kind of command economy in which the government owns and operates many of the factors of production, including many large critical industries

16) Which of the following best defines the term business cycle? a) the pattern of short-term ups and downs in an economy the total quantity of goods and services produced by an economic system during a given period the conditions of the economic system in which an organization operates the measure of economic growth that compares how much a system produces with the resources needed to produce it d)